Equities in Canada’s biggest market inched higher on Thursday as gold miners gained and insurers slipped with uncertainty around when the U.S. Federal Reserve might next raise interest rates.
The S&P/TSX Composite gained 23.68 points to approach noon at 15,426.07
The Canadian dollar pointed upward 0.2 cents at 76.83 cents U.S.
The most influential movers on the index also included BCE, which fell 1.4% to $57.59 as the telecom company paid heavily to win wireless customers and forecast 2017 profit below analyst estimates.
Canadian Natural Resources advanced 2% to $40.09, with oil prices holding near the top end of recent ranges as evidence the Organization of the Petroleum Exporting Countries and other big exporters were cutting production outweighed a sharp rise in U.S. crude and gasoline stockpiles.
But the energy group was flat overall, with Cameco Corp falling sharply for a second day, down 5.9% to $13.83, as the uranium producer said it would take legal action against Tokyo Electric Power Company for attempting to terminate a supply contract and RBC Capital cut its view on the stock to sector perform from outperform.
Manulife Financial Corp slipped 0.4% to $24.89 and Sun Life Financial Inc fell 0.5% to $50.82 after the U.S. Federal Reserve gave little insight into whether it would raise interest rates at its next meeting.
The lack of clarity on rates outlook boosted the price of gold, helping Goldcorp add 2.1% to $21.25 and Agnico Eagle Mines rose 2.2% to $63.24.
ON BAYSTREET
The TSX Venture Exchange gained 5.11 points to 819.01
Eight of the 12 subgroups were higher midday, as gold increased 1.6%, health-care picked up 1.4%, and materials improved 0.8%
The four laggards were weighed most by telecoms, down 0.7%, industrials, off 0.2%, and financials, sinking 0.1%.
ON WALLSTREET
Stocks traded lower on Thursday as investors looked ahead to Friday's jobs report, despite growing tensions between the United States and other global powers.
The Dow Jones Industrials shed 23.82 points to 19,867.12
The S&P 500 dropped 1.35 points to 2,278.20
The NASDAQ fell 4.15 points to 5,638.50
The Federal Reserve kept interest rates unchanged Wednesday, following its first monetary policy meeting. The central bank also gave little clues when it may be raising rates next.
President Donald Trump warned Mexican President Enrique Pena Nieto on Friday that he was ready to send U.S. troops to stop "bad hombres down there" unless the Mexican military does more to control them
Separately, the Washington Post reported that a call between Trump and Australian Prime Minister Malcolm Turnbull on Saturday did not go well.
Investors also focused on economic data, as initial jobless claims fell 14,000 to 246,000. The print is also below a consensus estimate of 250,000. Fourth-quarter non-farm productivity rose 1.3%. Investors also looked ahead to the January jobs report, which is scheduled for release Friday morning.
Prices for the benchmark 10-year Treasury note perked, bringing yields down to 2.46%, from Wednesday’s 2.48%. Treasury prices and yields move in opposite directions.
Oil prices fell seven cents to $53.81 U.S. a barrel
Gold prices recouped $10.50 to $1,218.80 U.S. an ounce.
